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Dolat Capital Report
Firstsource Solutions Ltd. reported revenue de-growth of ~7.1% QoQ in Q1 FY23 (our estimate: ~0.5%) largely driven by 12.2% QoQ decline in banking, financial services and insurance business owing to declined consumer sentiment and high inflation in U.S. markets.
Operating profit margin declined by 339 basis points QoQ at 8.0% (our estimate: 10.2%) and is expected to decline further in Q2 FY23 but will bounce back in H2 FY22.
Firstsource Solutions guided exit margins of 11.5%-12% for Q4 FY23 and 10%-10.5% on average for FY23.
Guidance on overall business curtailed to now organic run rate of 2%- 4%. The cut in guidance was induced by weakness in banking, financial services and would recoup as the year progress.
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